Deepwater operators are assessing projects through a value lens and not just chasing volume. Their objective is to make structural changes to decrease costs and focus on capital discipline. Smaller, simpler projects and infrastructure-led exploration are emerging as the right mix. Subsea tie-backs and infill drilling are leading the way. But the new modus operandi also bodes well for large projects and the long-term health of an industry often hindered by a tendency to over-design projects. This focused approach is leading to a much smaller footprint. Majors and Independents have been paring back their acreage. Meanwhile, the smaller players are taking advantage of the lower oil prices and lack of competition at lease sales to build up their positions. This insight uses maps to analyse how the status quo for exploration and development has begun to shift as the region works to re-invent itself.